S.1066 - Federal Adjustment in Reporting Student Credit Act of 2017115th Congress (2017-2018) |
|Sponsor:||Sen. Peters, Gary C. [D-MI] (Introduced 05/08/2017)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 05/08/2017 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1066 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (05/08/2017)
Federal Adjustment in Reporting Student Credit Act of 2017 or the FAIR Student Credit Act of 2017
This bill amends the Fair Credit Reporting Act to allow a person to request the removal of a previously reported default regarding a qualified education loan from a consumer report if: (1) the lender chooses to offer a loan-rehabilitation program that requires a number of consecutive on-time monthly payments equal to the number of payments specified in a default reduction program under the Higher Education Act of 1965, and (2) the consumer of the loan successfully and voluntarily meets the requirements of that loan-rehabilitation program. A consumer may obtain such rehabilitation benefits only once per loan.
The Government Accountability Office shall report on any hurdles borrowers experience with the private loan-rehabilitation program.